Big News Is Expected From Samsung Next Week

If the rumors are true, Samsung will have a lot to announce at the Mobile World Congress show in Spain next week.

NEW YORK ( TheStreet) -- The next few days could be very busy ones for Samsung.

If all the rumors/leaks/educated guesses are correct, the Korean electronics giant will be announcing its next generation flagship Android smartphone, a redesigned smartwatch, a 64-bit mobile processor and possibly a new mobile payment deal with eBay's ( EBAY) PayPal division.

The Mobile World Congress industry show in Barcelona, Spain, begins early next week with a full slate of announcements from many companies and a keynote address on Monday from Facebook's ( FB) CEO Mark Zuckerberg.

If all the Internet gossip is correct, Samsung will have a lot to talk about during its big "Unpacked 2014" press event scheduled for Monday evening (early afternoon in New York). The flashiest of Samsung's announcements should be the pair of new smart devices which are supposedly on the way.

The heavily discussed Galaxy S 5 smartphone could have a larger, full high-definition touchscreen (5.2 inches), a better processor at launch (the powerful new Qualcomm ( QCOM) Snapdragon 805), a fingerprint-recognition security system and a basket-full of new software features.

The second-generation Galaxy Gear smartwatch is also expected to make its debut in Barcelona. It should be lighter in weight, have a new screen (possibly curved) and a much healthier battery reserve. The Galaxy Gear 2 is also said to sport a number of new health/fitness apps to compete with current offerings from Nike ( NKE) and others. And the watch might run on the Tizen the operating system that Samsung has been developing as a hedge against any problems with Android.

But Thursday, we're learning about other announcements to be made at this year's Mobile World Congress: a high-tech processor for future devices and a new mobile commerce partner.

The new Exynos processor, which was teased on Twitter Wednesday night, is expected to be a 64-bit mobile processor to compete with the current chip being used in Apple's ( AAPL) iPhone 5s as well as a new 64-bit design from Qualcomm. Few details are known in advance about the processor's actual design, but no one expects it to be available in time for the Galaxy S 5 at launch.

SamMobile is reporting Samsung may currently be working with PayPal to create a virtual mobile payment system which utilizes NFC (Near Field Communication) wireless systems and could be used worldwide.

Samsung's current payment system is called "Samsung Wallet" but reportedly hasn't been as popular as some competitive systems such as the USA-only " Google ( GOOG) Wallet". Apple is also rumored to be working on a mobile payment system of its own.